Homework Help is Here – Start Your Trial Now!
Business
Accounting
I need some help with requirement 3.

I need some help with requirement 3.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I need some help with requirement 3. 

CHAPTER 7: EMPLOYEE EARNINGS AND DEDUCTIONS 313 LO 1,2, 3, 4, 5 PROBLEM 7-2A Highridge Homes has the following payroll information for the week ended February 21: *. Earnings at End of Daily Time Federal Previous Pay Income Name Week W F Rate Tax Arthur, P. 7,800.00 8. 8. 8. 8. 8. 45.00 226.78 Bills, D. 2,060.00 8. 8. 8 8. 8. 12.50 26.00 Carney, W. 2,085.00 8 8. 8. 8. 8. 12.95 27.00 Dorn, J. 748.00 8. 8. 22.00 11.00 Edgar, L. 2,687.00 8. 8. 8. 8. 8. 15.00 37.00 Fitzwilson, G. 4,150.00 8 8. 8. 8. 8. 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours week. Round amounts to the nearest penny. per Check Figure Net amount, $4,133.33 Required 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. LO 1, 2, 3, 4, 5 d o half for hours worked in CHAPTER ASSIGNMENTS 8.
Transcribed Image Text:CHAPTER 7: EMPLOYEE EARNINGS AND DEDUCTIONS 313 LO 1,2, 3, 4, 5 PROBLEM 7-2A Highridge Homes has the following payroll information for the week ended February 21: *. Earnings at End of Daily Time Federal Previous Pay Income Name Week W F Rate Tax Arthur, P. 7,800.00 8. 8. 8. 8. 8. 45.00 226.78 Bills, D. 2,060.00 8. 8. 8 8. 8. 12.50 26.00 Carney, W. 2,085.00 8 8. 8. 8. 8. 12.95 27.00 Dorn, J. 748.00 8. 8. 22.00 11.00 Edgar, L. 2,687.00 8. 8. 8. 8. 8. 15.00 37.00 Fitzwilson, G. 4,150.00 8 8. 8. 8. 8. 23.00 125.00 Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours week. Round amounts to the nearest penny. per Check Figure Net amount, $4,133.33 Required 1. Complete the payroll register. The Social Security tax rate is 6.2 percent, and the Medicare tax rate is 1.45 percent. Begin payroll checks with No. 2080. 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. 3. Assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. LO 1, 2, 3, 4, 5 d o half for hours worked in CHAPTER ASSIGNMENTS 8.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS